In real terms, Nigeria’s GDP increased by 2.54% year over year in the third quarter of 2023, according to data released by the National Bureau of Statistics.
This growth rate is higher than both the 2.25 percent growth in Q2 2022 and the 2.51 percent growth in Q2 2023. The growth in the quarter was attributed to the service sector.
“The performance of the GDP in the third quarter of 2023 was driven mainly by the Services sector, which recorded a growth of 3.99 per cent and contributed 52.70 per cent to the aggregate GDP,” the Nigerian Bureau of Statistics (NBS) stated in its “Nigerian Gross Domestic Product Report (Q3, 2023),” which was released on Thursday.
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Following a growth of 1.34 percent in the third quarter of 2022, the agriculture sector grew by 1.30 percent.
The industry sector grew by 0.46 percent in the third quarter of 2022, an improvement over the -8.00 percent growth that was previously reported. Agriculture and the industrial sectors made up a smaller percentage of the GDP in the third quarter of 2023 compared to the same period in 2022.
The nominal GDP for the quarter under review was N60.66 trillion, which represents a nominal growth of 16.08 percent year over year. This performance was better than Q3, 2022, when the nominal GDP was recorded at N52.26 trillion.